GLOSSARY OF TERMS

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unenforceable contract
A contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it.  For example, an unsigned contract is generally unenforceable.
 
Uniform Commercial Code (UCC)
A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers.  Security interests in chattels are created by an instrument known as a security agreement.  To give notice of the security interest, a financing statement must be recorded.  Article 6 of the code regulates bulk transfers - the sale of a business as a whole, including all fixtures, chattels, and merchandise.
 
uniform settlement statement
A special HUD form that itemizes all charges to be paid by a borrower and seller in connection with the settlement.
 
unit-in-place method
The appraisal method of estimating building costs by calculating the costs of all of the physical components in the structure, with the cost of each item including its proper installation, connection, etc,; also called the segregated cost method.
 
unity of ownership
The four unities that are traditionally needed to create a joint tenancy - unity of title, time, interest, and possession.